Kambi Group Plc (Kambi) and Mohegan Gaming and Entertainment (MGE) have agreed to amended terms in their respective sports betting services to coincide with Connecticut’s impending state regulation.
The amendment relates to financial conditions outlined in Kambi and MGE’s initial agreement, which was signed in 2019.
The agreement term was set for five years.
As a result of the amendment, Kambi will receive the full revenue stipulated in the initial agreement, while MGE can collaborate to launch land-based and online sports betting in Connecticut without affecting Kambi’s revenue.
“While we had been looking forward to supporting MGE to become a sports betting leader in the Connecticut market, the amicable discussions between both parties have found a positive conclusion, with MGE respecting Kambi’s financial interests for the duration of the original agreement.” said Kristian Nylén, CEO and co-founder of Kambi.
“As we have seen first-hand in Pennsylvania, Kambi provides great product and is therefore one we look forward to potentially collaborating with in new market opportunities.” said Aviram Alroy, vice president of product at Mohegan Digital.